The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has described the ideal price for crude oil to be at $60 a barrel for the Organisation for Petroleum Exporting Countries, OPEC, stressing that a higher price risk sparking a recovery in competing supplies from the U.S. shale oil. Updated 1 Year ago

Against the challenges in moving crude oil from South-South Nigeria to Kaduna Refinery and Petrochemical Company (KRPC), the Presidency has turned to Niger Republic for supply of the commodities to bring KRPC into full operation. Updated 1 Year ago

Crude oil production in Nigeria, including condensates and natural gas liquids, fell by 23.94 million barrels in the second quarter of this year, down from a total of 165.62mb in the preceding quarter to 141.68mb. Updated 1 Year ago

Crude oil production at the Warri refinery in the country’s restive Niger Delta region has not been affected by an explosion heard near the site, the Nigeria Union of Petroleum and Natural Gas Workers said on Frida Updated 1 Year ago

The Africa Network for Environment and Economic Justice has said the plan by the National Assembly to probe the alleged $17bn undeclared crude oil and gas exports is a step in the right direction. Updated 1 Year ago

THE Federal Government has pleaded with the United States to lift its ban on the importation of Nigeria’s crude, describing the action as antithetical to the flourish of trade and economic cooperation upon which Africa Growth and Opportunity Act, AGOA, was founded. Updated 1 Year ago

Tehran will provide a $6.55 discount on heavy crude for its European consumers, Reuters cites the National Iranian Oil Company. Saudi Arabia currently sells oil to Europe at a discount of $4.85 a barrel. The announcement came a day after Saudi state-owned Aramco said it would expand discounts for its light crude by $0.60 a barrel to northwest Europe and by $0.20 a barrel in the Mediterranean for February delivery. Updated 1 Year ago

The battle for the European market has intensified with the first US oil tanker arriving in France since Washington abolished the 40-year restriction on oil exports. It's a critical moment for an industry that is facing plummeting prices and oversupply. The tanker left Texas three weeks ago and docked at the French port of Fos on Wednesday. Updated 1 Year ago

There is a strong indication that the federal government may summon a meeting of capital market stakeholders over the consistent decline in the stock market. A combination of factors, such as political risk, currency volatility, and uncertainty in global crude oil prices have affected the stock market performance. The market dipped by 17.4 per cent in 2015 and 21 per cent so far this year. Updated 1 Year ago

OIL’S slump to 13-year lows has led to serious cutbacks in investments by energy companies, as 68 large upstream oil and gas projects worth $380 billion have already been put on hold. Updated 1 Year ago